Business
Sagicor Financial Company Ltd. Announces Credit Rating Upgrades by S&P Global Ratings and Fitch Ratings
Sagicor Financial Company Ltd. Announces Credit Rating Upgrades by S&P Global Ratings and Fit...
About this update from Sagicor Financial Co. Ltd. Class A
[{"type":"text","content":"\n \n \n \n Sagicor Financial Company Ltd. Announces Credit Rating Upgrades by S&P Global Ratings and Fitch Ratings\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n Sagicor Financial Company Ltd. Announces Credit Rating Upgrades by S&P Global Ratings and Fitch Ratings\n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n and\n \n BARBADOS\n \n \n ,\n \n \n Oct. 5, 2023\n \n \n /CNW/ - Sagicor Financial Company Ltd. (\"Sagicor\" or the \"Company\") (TSX: SFC) announces that S&P Global Ratings (\"S&P\") recently upgraded its Issuer Credit Rating (ICR) on the Company to 'BBB' from 'BB+'. S&P also raised the issue-level rating on Sagicor's senior unsecured notes to 'BBB' from 'BB+'. As well, the Group Credit Profile (GCP) was revised upward to 'a-' from 'bbb'. The outlook is stable.\n \n \n Sagicor also announces that Fitch Ratings (\"Fitch\") recently upgraded the Issuer Default Rating (IDR) on the Company to 'BBB-' from 'BB'. Fitch also upgraded the senior unsecured debt to 'BB+' from 'BB-'. The rating outlook is stable. In addition, Fitch has affirmed ivari's Insurer Financial Strength (IFS) rating at 'A-'. The rating outlook is stable.\n \n \n \n \n Andre Mousseau\n \n , President and Chief Executive Officer of Sagicor, said:\n \n \n \n \"Sagicor's strong credit profile has been enhanced by the acquisition of Canadian life insurer ivari which led S&P and Fitch to upgrade our credit ratings. ivari immediately enhances our earnings generation and expands our asset base in a highly rated investment grade jurisdiction. The new investment grade ratings reflect Sagicor's solid capitalization, resilience, and business and geographic diversification. ivari remains a highly rated company under Sagicor ownership with an Insurer Financial Strength rating of 'A-' as recently affirmed by Fitch.\"\n \n \n The full press releases from S&P and Fitch are available on the investor relations section of the Company's website at\n \n www.sagicor.com\n \n .\n \n \n \n About Sagicor Financial Company\n \n \n Ltd.\n \n \n Sagicor Financial Company Ltd. (TS...